Majority of Australians struggle with budgeting

A new survey has revealed that over half of the nation say they find it difficult to manage their money, do not know how to budget well, and do not live within their means.

The Galaxy Research poll conducted on behalf of Fox Symes found that 52 per cent of Australians say that they are not confident with managing their money.

In particular, 42 percent overall (44 percent of women and 41 percent of men) say they attempt to stick to a budget but are not always successful.

Looking at a breakdown of the generations, 42 percent of Baby Boomers, 53 percent of Gen X and 64 percent of Gen Y said they had trouble managing their money and sticking to a budget.

Fox Symes executive director Deborah Southon emphasised that one of the primary reasons people fall into debt is because they spend more than they earn.

“The only way to effectively manage money is to create a budget and stick to it,” she said. “Of course, this requires discipline, but the benefits are significant. We all have financial aspirations and goals and these can be achieved through budgeting.”

 

published on The Adviser

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